Listen to your attorney and you are responsible for the clean up if you agreed to the as is stipulation.

You can have your attorney write the bank a letter and see if they will grant you an extension without charging you (you can say that your bank is backlogged & needs more time to process the loan). But it also depends on what your contract says..talk with your attorney & loan officer & see what they say. But your loan officer is right - with today's market & mortgage rules are changing daily - it should take 45 days.

Thank you for all your answer. I already got mortgage approval that why they took my offer. Even with my bank, she said it's no way that we can get this approve to be done on time. It would take at least 45 days. And I'm rely on the grant from the town which they required me to fix all the chipping paint before they process the money. So this is why I need more time. And because of the owner junks that left in the storage shed( and their shed is one of the biggest one, I guess it used to be green house), I can't scrape and re-paint the wall. My concern is that I'm afraid that the bank will charged me if I don't close in time. My best guess is that I need to extend till middle of July.

Your attorney is right...how far are you in the loan process? Have you been preapproved? Getting financing is a reason that the offer can be extended. You also have to get an inspection & the property needs to be appraised. As for the personal belongings, it would be your job to dispose of them (that's the way it goes with "AS-IS" offers). If you need to talk to someone about financing, I would go to Wells Fargo - just did a loan with them and got approved. They were able to help me close within 30 days. Talk to Tania Lopez of Wells Fargo...here's her contact info:

Tania Lopez
Home Mortgage Consultant
Office: 732-565-4821
Mobile: 908-812-5993
Fax: 732-745-0986
tania.lopez2@wellsfargo.com

Hi Sue

Unfortunately, we are all at the mercy of the banks. We wait and wait for an answer, then when they are good and ready they expect us all to jump. It is the name of the "Short Sale/Foreclosure" game.

Most banks are requiring you to close within 30 days.
Be very careful, most also put in a last date to close, if you do not meet that requirement they will charge you per day.

As per the "junk" left behind, it is all yours! "As is" means just that," As is". My suggestions are for you to get a dumpster and do just that, "DUMP".

Best of Luck to you, remember to try and stay focused on the final outcome for you.

Karen Sluyk
Peninsula Realty Group
732-567-7152
Karen@peninsulafirst.com

We've only closed a couple of these. I can say that most of the time the bank will want to close in 30 days. Also 203K loans don't go through because you at least have to have a stove in the property; some put one in. Without that type of loan normally doesn't apply.

For a bank-owned property, banks will give you an addendum to sign that stipulates penalties, etc. In a short sale you can have a little more leeway with things but they have to be spelled out between your attorney and the bank attorney. In short sales, it depends how many sheriff's sales have been postponed as far as their ability to extend deadlines. But you can't just think you can extend it later. Our buyer tried to do that last month and the bank simply said, either you close and we receive the money by 5pm today or the deal is dead...and they were serious. So don't make assumptions.

In our experience, and we've only done a few, the buyer is responsible for the stuff left in the house if the house is vacant. If it's not vacant and it's a short sale you may can negotiate something with the seller, but we haven't been able to negotiate anything with the bank. If it's a bank-owned, most have the houses cleaned out mostly before listing or you can check with the listing agent to see if that's part of their process.

Banks will usually include in their closing instructions a penalty fee schedule if the property closing is delayed because you can't close.

In my experience, it is your responsibility to get the junk removed. But have your attorney try to negotiate the clean up with the bank.

Laura Giannotta
Keller Williams Atlantic Shore

We're in the exact same situation. We got the email from the loss mitigator today saying "Congratulations, the bank has approved your offer", and then it asked us to open escrow and close this month. The utilities are not on, and we need to do a streamline k loan to cover us for repairs and the fact that there are no appliances in the home, so there is absolutely no way that we can close that quickly. The house is also full of junk, and we are curious as to who is responsible for removing it! Please keep this thread updated if you find out answers. For starters, our attorney advised us to have the listing agent start the timelines from the date of receiving the completed paperwork back from the bank.